Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its First Quarter 2023 Experience Report, which provides updates on statewide insurer experience valued as of March 31, 2023.
Key findings included that California written premium in 2022 is 14% above that of 2021, and back at roughly pre-pandemic level, driven by higher employee wage levels and the economic recovery. Written premium also continues to grow in 2023, with Q1 written premium of $4.4 billion coming in 7% higher than the same period in 2022. The average charged rate for 2022 is 8% below that for 2021, and the lowest in decades. The WCIRB also noted that after four consecutive increases, the projected loss ratio, including the cost of COVID-19 claims, dropped 3 points in accident year 2022, and that the projected combined ratio for 2022, including COVID-19 claims, is 7 points lower than in 2021.